BookMyForex.com, an online foreign exchange marketplace, has launched the Interbank Rate Multi-Currency Forex Card. During regular banking hours, international travellers can buy forex cards at interbank rates with zero added markup. This includes the live and actual rates seen on search engines at which banks deal with each other for major currencies. 

The BookMyForex co-branded multi-currency card has been developed in association with Yes Bank, M2P and is powered by Visa. 

Sudarshan Motwani, founder and chief executive officer of BookMyForex.com, said that despite the wide range of international travel cards, customers still need to get a clear picture of a product best suited for foreign expenses. Foreign transactions on debit or credit cards issued by banks can be marked up by as much as 5 per cent over interbank rates. 

“Some Indian card products that claim zero markup provide zero markup on Visa or MasterCard rates, which itself can be marked up by up to 1 per cent over interbank rates. Hence, zero markup is not zero markup unless it is zero markup on interbank rates,” he noted.

He claimed that BookMyForex’s forex cards with zero markup on the live interbank rate will enable the company to double its market share.

Powered by Visa, the BookMyForex Forex card is accepted globally at over 35 million stores, one million e-commerce websites, and 2million ATMs. It can be loaded with 14 different currencies, and the exchange rates on forex cards remain fixed, unlike any Indian rupee-based debit or credit cards. 

Customers need not worry about the rate fluctuations and the losses from the rate volatility. The tax collected at source (TCS) is not collected upfront on a forex card unless the customer’s purchase of foreign exchange exceeds Rs 7 lakh per year. 

To offer more value to international travellers, BookMyForex will also provide a free international SIM with unlimited incoming calls and WhatsApp chats, along with the Interbank rate Forex Card. 

BookMyForex is online retail forex brand with over $1 billion exchanged on its platform. Faering Capital has invested in the company since 2016 and recently, MakeMyTrip acquired a majority stake in the company.